How to Find and Rent an Apartment in New York: A Complete Guide

Finding an apartment in New York can be daunting, especially if you are relocating from a different city or an other part of the country.

Anyone can go online to a number of property listing sites and start looking right away.

However, this approach can only get you so far. Finding and getting the right apartment in New York can be tricky, especially during peak season when competition with other prospective renters can get very stiff.

Also, the application process can be much more vigorous than what most people are used to outside of New York City. That's because management companies and most landlords do their due diligence to lower their investment risk and ensure their prospective tenants are going to pay on time, every month.

We're going to walk you through the process, so you are prepared to land your first choice apartment, and you should be hit with no surprises.

How to Start Your Search for an Apartment in New York

• Give yourself ample time to find an apartment. In NYC, this usually means about 4-5 weeks before you have to move.
• If you search during the low season, there won't be as many listings, but prices might be better, and you'll have less competition.
• Searching during the peak season will mean many more options, but prices tend to be higher, and there's much more competition.
• Knowing how to qualify for an apartment is essential to making your search for an apartment seamless.
• A landlord or property management company will check your credit and income.

When Should You Start Your Apartment Search?

Typically, a New York resident will need roughly 4-5 weeks to search for an apartment.

Of course, it's possible to find an apartment in a shorter amount of time, although most people generally don’t like to wait until the last minute.

However, if you plan on looking two to three months before your move date, you may find that agents and landlords won’t want to bother showing you the apartment if you don't plan on moving on the next available move-in date.

This is because they’d instead fill the apartment with someone whose lease start date will coincide with their desired date.

If you think about it, would you instead let the apartment sit empty for two months rather than rent it out to someone who needs to move in two weeks?

You may want to start browsing through listings two months in advance just to see what’s out there and get a sense of the market prices.

If you’re a soon-to-be NYC transplant, it will do you well to start your research a few months ahead of relocation. Furthermore, you can still find some listings with a move-in date that is farther out than just a few weeks.

What If You Don't Have a Lot of Time To Search for an Apartment?

In reality, you can find an apartment in less than one week if need be.

Some people even find their next apartment in one day. However, it severely limits your options, and you might be forced to choose the least lousy apartment.

Even if you know you're not ready to move but know your lease will be up in a few months, it doesn't hurt to browse casually to see what the market is like in terms of how much is available, what the going rates, what types of apartments you can afford.

Sometimes, the fastest way to find an apartment is to contact a renter's agent who is more familiar with inventory and can pull up a few listings that could work for you.

How the Real Estate Seasons Can Affect Your Search

Whether you rent during the peak or low season can impact the deals you find and the inventory available.

The low season, roughly October to March, generally tends to have lower inventory and less competition from renters.

If a unit has been sitting on the market for over a month, the owner may also be willing to negotiate on the price.

From June to September, the peak season will see an explosion of listings coming to market each month.

However, definitely be prepared to put down a deposit on the apartment you like; otherwise, it may be swept from underneath you by a more eager applicant.

How Much Should You Budget For Rent and How Do You Qualify?

To get started you should calculate a budget for your next apartment. This is obviously not an arbitrary amount.

Most financial experts say that rent should not make up more than 30% of your income. Even better if it's less than that.

Keeping it at a maximum of 30% would mean that you should have enough for utilities and other monthly expenses, plus some left over for savings.

However, in reality, many New Yorkers are devoting a higher percentage than this to rent, sometimes even as high as 60%-70% of their income. This can put you in a precarious and unstable situation, especially if some great unexpected expense came up you might not be able to pay your rent.

The 30% mark is also how landlords will judge your qualifications. Another way this can be expressed is to say that you make at least 40 times the monthly rent. They are, in fact, the same number.

For example, if you make $75,000, your appropriate monthly rent should be about $1,875, which is also 30% of your monthly income. There may be some wiggle room with this figure depending on the person processing your application, and your rent can easily become a higher percentage, as rents normally get raised every year.

What If Your Budget Is Too Small to Rent an Apartment?

The city is expensive, although there are very affordable options in the outer boroughs, especially when you get farther from Manhattan. However, if you want better options, besides have a parent guarantee your lease, you might also consider getting a roommate or two. Multi-bedroom apartments are more expensive but they tend to be more cost-effective than having even a studio to yourself.

It will open up more apartments and neighborhoods for you if you are willing to share a space.

To explore more on getting a flatmate, read: Apartment Room Share NYC: The Ultimate Renting Guide.

Required Documentation

Before you get carried away with the idea of an apartment you've seen online, make sure you can actually qualify for one and get taken by surprise during the application process. Just wanting the apartment doesn't mean that the landlord will readily lease it to you.

Plenty of people have been guilty of thinking that by just putting down a deposit, they will get it the unit they desire.

Unfortunately, this is only one step in a multi-step process.

The ball is definitely in the landlord's or property manager's court when deciding who is the best applicant and potential tenant.

Prepare yourself by gathering all the income documentation which usually includes a copy of your government-issued photo ID, a letter of employment (or other form of employment verification), the last few pay stubs (or digital equivalent), last two tax returns or tax documentation, and most recent bank statements.

In addition, for maximum speed and convenience you should have this documentation in digital form or online, ready to send to the listing agent or property manager.

As mentioned before, you should be able to prove that you make about 40 times the monthly rent in one year.

This is the metric most property managers and landlords are using in order to determine your eligibility, but naturally there can be variations in this depending on the application process of the landlord.

The bottom line is that the more prepared you are at the time of application, the better you look and the faster the process.

If you don't think you'll qualify alone, you might need to find a guarantor to apply with you.

A Landlord is a Creditor

The first thing the landlord is going to do is pull up your credit report.

The credit score and report will tell them a lot about who this person is as far as a financial investment goes.

You are, in essence, a borrower.

In a signed lease, you actually agree to pay the entire year's worth of rent, but the landlord agrees to let you pay in monthly installments. For that, there will need to be financial trust.

Your credit score and report will show the landlord what kind of bill-payer you are. The higher your score, the better you are as a timely and conscientious payer.

It shows you are good at managing your bills. The lower the score, the more untrustworthy you seem. However, the landlord will usually look beyond just the score and pull up a full report and the risks involved in leasing the apartment to you.

Work to Improve on Bad or No Credit

Pull up your report and see that you are in good standing before you start your search. Even if your credit score is normally good or excellent you should look up your score as sometimes errors and small changes you aren't aware of can cause your score to drop unexpectedly.

It's a fine start if your score is 650 and higher. It's even better if you're over 700.

Fix any errors you find on the report by contacting the credit bureau that has the listed error.

If you've given yourself a good headstart and your score is less than stellar, start immediately by making sure you pay on time or open up a credit card account if you don't have a credit rating.

Read more: How to Improve Your Credit Score.

If you can't bring up your credit score in time, then it's time to consider getting a guarantor. Learn more about getting a guarantor by reading: What is a Guarantor for a Rental Apartment?

How Much Money Should You Save For Your Move?

In order to make the move, you will need enough for the following:

• One-month security deposit
• First month's rent

That doesn't sound too bad, but you may need much more money.

We strongly recommend saving up to at least six months’ rent before your lease signing and move-in date to give yourself options and a safe financial cushion.

This cushion will pay your first month's rent, the security deposit, broker's fee (if any), renter's insurance, moving expenses, and furniture.

The six-month savings should be in addition to any other savings you would already have.

Your Funds Should Be Ready to Go Ahead of Time

If you are to land your choice apartment, you need to make sure your money is ready to be paid in full or transferred. This means it should be in an account ready to be transferred or withdrawn as soon as possible.

First, you will be asked to pay an application fee which cannot be more than $20 by law. This covers the application process as well as your credit report.

Second, you will be asked to put down a deposit, which should be fully refundable if you decide to withdraw from the apartment or the management withdraws their offer before the lease is signed. They can ask for the full security deposit or just a portion, with the balance due at lease signing. Some properties do not ask for a full month for a security deposit.

To find out more about security deposits, you can read: What is a Security Deposit on a NYC Rental Application?

And if you're having trouble coming up with the money for a security deposit, read up on this helpful resource: Best Security Deposit Insurance Companies for Rentals in New York.

Forms of Accepted Payment for Security Deposits

Normally accepted payments are usually money orders, bank-certified checks, and wire transfers. More and more landlords and managers are accepting other forms of payment, such as credit cards, Zelle, or other money-paying apps.

Never give cash. Also, be wary of anyone, whether it's a landlord, property manager, or real estate agent, who asks for cash. It's probably not a legitmate apartment offer. There are many scams out there, so be on the lookout.

Start Searching Listings

Once you have all your documentation and credit score in order, you can start your search in earnest.

If you need to familiarize yourself with the city before actually traveling there, use your social contacts who live in New York (preferably friends or family who have lived there for a few years).

Don’t rely too heavily on one person; you won’t get a varied perspective on boroughs and neighborhoods.

For example, a Manhattanite might say to stay away from Queens when it may be the ideal borough to call home.

If you don’t think you know anyone personally who resides in the city, you might want to check out sites and apps like Instagram and Pinterest, where users are posting shots from their daily life, neighborhood activities, and restaurants they frequent.

Follow and contact those people if you want to ask a few questions.

These sites allow you to find someone with similar interests or lifestyle needs.

They might be able to give you better insight than others.

Contact Real Estate Agents

Believe it or not, using an experienced real estate agent can make all the difference in finding a suitable apartment and neighborhood.

A good agent will not only have access to a variety of great listings but know how to get around the city, specializing in a few different neighborhoods, have a vast network of contacts and resources, be able to guide you through the rental process and help you understand what you should be looking for in an apartment.

We recommend that you work with one to three such agents, perhaps one for each borough you’d like to search in.

Using a real estate agent could also be an excellent option for those already living in the city, especially if you plan on moving to an area you are more unfamiliar with.

Factor in the Broker's Fee

In New York City, it is the norm for the tenant to pay the broker’s fee for the apartment. However, it's become easier in the past decade or so to find no-fee apartments. Newer developments and larger developments are more likely to offer no-fee apartments.

Nobody really wants to pay extra money, but working with a renter agent can be invaluable when helping you find an apartment.

You will need to pay them out of pocket, but an excellent experienced agent can help you find the perfect apartment quickly and help you get your paperwork together and qualified.

We strongly encourage newcomers to New York to hire a rental agent. Ensure you negotiate and determine the rate or commission you will pay them before you begin. A standard NYC brokers fee is 15% of the annual rent which equals to about the two months worth of rent. However, it's possible that you can negotiate down to one month's rent.

Remember that this may be money well worth spending if you work with an agent who is able to make great suggestions and ends up finding you an amazing place.

The benefit of finding a great agent or broker is immeasurable, as it will save you hours of research, worry, and stress. You can find an agent by searching through ads on listings sites, reading Yelp reviews, or getting a recommendation from a friend. You can also contact a brokerage with a great reputation. They will be able to direct your query to an experienced agent who can help you out.

Should You Visit NYC Before You Move There?

As an out-of-towner, if you can, it is ideal to visit New York City before you actually move.

Plan on staying with friends, a hotel, or a hostel in the neighborhoods you are most interested so you can familiarize yourself with the area, stores, transportation, and the general vibe.

You can explore a few different neighborhoods during your stay.

For New York residents, if possible, visit a friend who lives in the area you’d like to move to or plan an activity in that neighborhood so you can check it out.

Once you start looking at apartments in the area, you may be too pressed for time with appointments or just be too exhausted to check out the local culture and ambiance.

Ideally, you should visit your desired neighborhoods during the day and evenings, as they vary dramatically.

Other Search Tactics to Find an Apartment in NYC

The first place anyone goes these days to look for rental apartments will inevitably be one of the many listing sites people are familiar with.

Finding out which one is best for your needs may be tricky with so much overlapping information and ads.

PropertyNest not only has one of the best and easy-to-use interfaces, but we offer the unique feature of searching by your own credentials--meaning you can immediately see the apartments that fit your criteria and also most likely qualify for.

Alternative Online Sources

Aside from the usual listing sites, you might want to try social media and networking sites.

Besides real estate agents who may be on social media, available apartments not usually listed on real estate sites can be found on Facebook, shared by the landlord or a friend of the landlord.

Most of them tend to be smaller property owners who don’t usually want to deal with listing sites and brokerages or those who prefer word-of-mouth referrals or to meet a potential tenant through a friend.

That being said, if you are to find any listings, you’ll need a robust network in that particular area for those hits to come up.

You might also check local Google groups or neighborhood forums.

Beware of Online Scams on Sites like Craigslist

While this is still a go-to in most cities and you can find real apartments through the site, it is increasingly difficult to do so.

There are many real estate scams, and Craigslist is an ideal marketplace to phish for victims.

Make sure the person posting is a licensed real estate professional. Better yet, use a more reputable site that specializes in real estate listings.

Walking Through the Neighborhood to Find an Apartment

Although time-consuming, you can also try going on foot or bicycle in your chosen neighborhood.

Many landlords and brokerages still put up signs on the property or the window, and you might be able to get a really good lead.

Select a day when you can spend a few hours in the area of your choice.

Take pictures of the signs and the actual building, taking note of the address.

Assess Best Neighborhoods to Match Your Needs

The tables below offer some information that can help you make a decision on which neighborhood you'd like to move to. You can find more in-depth information on reading on the Best Neighborhoods to Rent in Manhattan, the Best Neighborhoods to Rent in Brooklyn, Best Neighborhoods to Rent in Queens, and the Best Rental Deals.

Average Sq. Ft. of Rentals in New York City

What Happens After Your Application Is Accepted?

Once your application has been accepted and you agree to move in, the landlord or property manager will schedule a day and time for you to sign the lease. In some cases, this is done remotely, as is the transfer of money.

At the time of lease signing, you will be expected to pay the remainder of any balance for the security deposit along with the first month's rent. If you have been offered 1-2 months of free rent, this should be applied to the beginning of your lease. In this case, the landlord may not ask for the first month's rent until your free months have passed.

To learn more about the lease signing more in detail you should read: What to Expect at an Apartment Lease Signing in New York?